Following a challenging 2023, views on the South African economy and household finances is improving – with high earners the most upbeat.
While South African consumers remain under pressure, those earning more than R20,000 have turned more positive – the most positive they have been in the last three years – as views on household finances improved.
What is notable is that the outlook on household finances is in positive territory, seeing a third straight quarterly increase, jumping from +3 to +8. However, high-income households became noticeably more optimistic about their financial prospects , which was far better than for the middle-income and low-income households.
No inflationary adjustments were made to personal income tax brackets in the February budget, meaning that the bracket creep through inflation-linked salary increases will erode the real disposable income of taxpayers, especially middle- and high-income households.
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